Dyes and chemicals maker Huntsman Corp is restructuring its Textile Effects business in a move that will save $60m a year and shift its focus onto its Asian operations. 

The company said today (2 December) that the revamp will see its Asian business "expand significantly," but there will be consolidation in the Americas and Europe as it transitions from a regional to a global, market-focused organisation.

"We firmly believe in our textile chemicals and dyes business," said Peter Huntsman, president and chief executive officer.

The streamlined Textile Effects business will be split into two units: Apparel & Home Textiles and Specialty Textiles. Together they will focus on nine growth market segments.

Huntsman bought the Textile Effects business from Ciba Specialty Chemicals for CHF332m (US$270.79m) in July 2006, and combined it with its Advanced Materials unit.

Paul Hulme, President of Huntsman's Materials & Effects division said: "Upon acquiring this business, we rapidly rationalised its complex global manufacturing footprint and then moved to review its product portfolio and business structure.

"We are now prepared to move to a stage where the business can show its real potential as we focus on products and markets where we see opportunity to win now and in the long run."

Textile Effects makes dyes and chemicals used to enhance the colour of finished textiles and improve performance characteristics such as wrinkle resistance, lasting freshness and the ability to repel water and stains.